doubt there will be much, if any effect. with the enormous amounts of tech money flowing in over there, it'll be relatively easy for businesses to raise costs. SF already has a high cost of living but people are still swarming in.
moreover by doing this, the people on the bottom getting that minimum wage will be able to spend more, increasing demand. it'll all wash out.
by the way, SF's unemployment rate is 3.4%, so much for the progressive economic nightmare.